SEC suspends Oando’s AGM

The fight between the Securities and Exchange Commission ('the Commission') and Oando Plc over operational infractions is a long way from being settled as the controller on Monday informed the open that the arranged Annual General Meeting (AGM) of the troubled oil organization planned to hold at Zinnia Hall, Eko Hotels and Suites, Plot on Tuesday, June 11, 2019 at 10: 00am has been suspended till further notice.

SEC said the wiping out springs from the Ex-parte Order of the Federal High Court, Ikoyi Lagos in Suit No: FHC/L/CS/910/19 In Mr. Jubril Adewale Tinubu and Anor V Securities and Exchange Commission and Anor, the Annual General Meeting of Oando Plc (an organization recorded on the Nigerian and Johannesburg Stock Exchanges).

SEC additionally said that the suspension Oando's AGM will permit the gatherings keep up the present state of affairs as coordinated by the court.

As indicated by the Commission, it will give update to applicable partners and general society on the result of the continuous case.

Prior to now, Oando Plc has sequentially blamed SEC for not giving it reasonable hearing on the extended examination and measurable reviewers which has devoured its top administration and board.

However, the controller on Sunday, confirmed that the oil firm was given adequate chance of being heard before it employed the enormous stick.

The SEC likewise underlined that all moves made so farby it board and the executives were exclusively to secure capital market financial specialists and that's it.

As indicated by its announcement, there were different open doors accessible to the prosecuted top Oando the executives to guard itself during the examination and the legal review.

SEC stated: "The consideration of SEC has been attracted to different reports scrutinizing the administrative specialist of the SEC, and intimating absence of fair treatment in the examinations of Oando Plc.

"To put the records straight, the SEC thus expresses that reasonable hearing is a central and major standard, which the Commission as a well behaved organization holds fast to in the entirety of its insightful procedures.

"Over the span of the examinations, interchanges for example letters and telephone assembles were traded and conferences held between the Commission and Oando Plc, mentioning for its remarks and clarifications on issues identifying with the examinations.

Tread Started by: Christian Uriel On 9:50am Jun 11